After identifying risks, ranking is critical to resource allocation. This allows for the identification of critical risks. Risk assessment is just as important, if not more important, to risk identification. In addition to qualitative risk assessment such as SWOT, Delphi Technique, and brainstorming, quantitative risk assessment such as EMV and Pareto Analysis can also be conducted.
- If you are conducting a risk assessment for a project, how much value can you put on EMV and the Pareto Analysis and why?
- What are the merits and demerits of qualitative and quantitative risk management techniques?